(Alliance News) - Eles Spa reported that it closed 2023 with revenues of EUR32.8 million compared to EUR26.1 million in the previous year.

The Indusrtial sector drove growth with a 40 percent increase in revenues, driven by solid demand for devices mainly related to the AI, High Performance Computing and Data Server sectors. Automotive also did well.

Ebitda, meanwhile, increased to EUR5.1 million from EUR3.5 million, with margin on revenues rising to 15.4 percent from 13.5 percent. Adjusted figure-which incorporates EUR400,000 of nonrecurring charges for reversal of R&D tax credit dating back to 2008-rises to EUR5.5 million.

Operating income rises to EUR2.1 million from EUR1.2 million in 2022 while net income improves to EUR799,000 from EUR653,000 a year earlier.

Net financial debt falls from EUR7.9 million to EUR3.7 million, benefiting from the February 2023 capital increase, conversion of warrants, absorption of working capital related to increased inventories, and reduction in trade receivables and payables.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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